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Ted Roderiguez is very excited about starting his part-time gardening service. As a senior high school student, he has studied some accounting and has included the following two assets on his beginning balance sheet: Lawn mowers $160Pick-up truck $1000 Ted purchased the two lawn mowers at a local flea market for $20 each but feels that he got a very good deal and that they are worth at least $80 each. The pick-up truck was a gift from his uncle. Ted thinks he has seen similar trucks advertised in the local newspapers for about $2000. Ted would like his balance sheet to be accurate at to follow Generally Accepted Accounting Principles (GAAPs). Problem 1: Has Ted violated any GAAPs on his balance sheet? Explain.
Problem 2: If he has made mistakes, how should he correct them?
Problem 3: How can an accurate balance sheet value for the truck be determined?
Problem 4: How would an overstatement of Ted's assets affect his capital on the balance sheet?
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